What is the form 4506-T used for?

What is the form 4506-T used for?

Use Form 4506-T to request tax return information. Taxpayers using a tax year beginning in one calendar year and ending in the following year (fiscal tax year) must file Form 4506-T to request a return transcript.

Why does the SBA want a 4506-T form?

SBA requires you to complete the IRS Form 4506-T as a part of your disaster loan application submission. The form authorizes the IRS to provide federal income tax information directly to SBA. Although the form is available online, it cannot be transmitted electronically.

What is a 4506-T EZ form?

Purpose of form. Individuals can use Form 4506T-EZ to request a tax return transcript for the current and the prior three years that includes most lines of the original tax return. The tax return transcript will not show payments, penalty assessments, or adjustments made to the originally filed return.

Can I submit form 4506-T Online?

Although the form can be completed online, you must print and sign the form, then submit to SBA. The IRS Form 4506-T must be completed and submitted with each SBA disaster loan application, even if you are not required to file a federal income tax return.

What do underwriters look for on tax transcripts?

Underwriters want to know, of course, whether you have paid and continue to pay your bills on time. But they also need to be able to review any documents detailing how much other debt you owe, in the form of car payments, student loans, or credit card debt or other liabilities.

Where do I send my 4506-T form?

Where to Send a Completed 4506-T: Do not submit a copy of the 4506-T to the Financial Aid and Scholarships Office. Please submit the form directly to the IRS at the address or fax number listed for your state of residence at the time your return was filed.

What is the difference between 4506-T and 4506-C?

What is the difference between the IRS Form 4506 and the IRS Form 4506-C? The IRS Form 4506 is used to retrieve photo copies of the tax returns that were filed by the taxpayer. 4506 can take the IRS up to 60 days to complete. The IRS Form 4506-C is used to obtain IRS Tax TRANSCRIPTS.

How do I fill out a 4506-T non filing?

Non-filing Form (4506-T)

  1. Fill out lines 1-4, if applicable.
  2. List your BYU ID number on line 5.
  3. Check box 7 (for Verification of Non-filing).
  4. On line 9 enter 12/31/__ for the tax year you are requesting.
  5. Sign the document.
  6. Mail to the appropriate address on page 2 (Chart for all other transcripts).

Does SBA check your tax return?

SBA also uses Internal Revenue Service (IRS) verification of tax return and financial statement information to detect fraud by program applicants or participants.